Kotak Guaranteed Savings Plan

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Kotak Guaranteed Savings Plan is a non-linked and non-participating endowment plan which helps you appreciate your savings while enjoying the benefits of a life cover.  The plan provides guaranteed benefits on death of the life assured and plan maturity. The plan also provides yearly guaranteed additions from the end of the premium payment term till the end of the policy term. A guaranteed loyalty addition is also made to your savings corpus at the end of the policy term.

Moreover, the plan offers you 5 rider options to enhance the standard coverage as per your requirements and preferences. You can also avail a loan of up to 50% of the surrender value under the plan after the payment of the 2 consecutive years’ premiums. 

Best Features of Kotak Guaranteed Savings Plan

Following are the key features of the Kotak Guaranteed Savings plan -

  • Guaranteed Additions- Guaranteed addition of up to 35% of the annualised premium are made every year, starting from the completion of premium payment term (PPT) till the end of the policy term.
  • Guaranteed Loyalty Addition- Guaranteed loyalty addition of up to 180% of the annualised premium is paid at the time of plan maturity in accordance with the annualised premium band and PPT chosen.
  • Rider Options- The plan comes with 5 rider options namely Term Benefit Rider,  Accidental Death Benefit Rider, Permanent Disability Benefit Rider,  Guardian Benefit Rider, and Accidental Disability Guardian Benefit Rider.
  • Policy Loan-  The plan allows you to avail a policy loan of up to 50% of the surrender value. Currently, these policy loans are available at an interest rate of 9.30% p.a.
  • Reduced Paid-Up Policy- The policy automatically gets converted into a reduced paid-up policy in case the premiums are not paid in time after the payment of the 2 consecutive years’ premiums.
  • Revival-  A lapsed or reduced paid-up policy can be revived within 5 years from the date of the first unpaid premium.

Benefits of Kotak Guaranteed Savings Plan

The benefits provided by Kotak Guaranteed Savings Plan are as follows -

1. Death Benefit

In case of an unfortunate demise of the life assured, the nominee is entitled to receive the sum assured on death along with accrued guaranteed additions as the death benefit.

Sum assured on death is equivalent to the highest of the following -

  1. 11 times of the annualised premium
  2. Basic sum assured plus guaranteed loyalty addition
  3. 105% of all premiums paid till the date of the death.

2. Maturity Benefit

In case of the survival of the life assured till the end of the policy term, a maturity benefit equivalent to an aggregate of the basic sum assured, accrued guaranteed additions, and guaranteed loyalty addition is paid.

Kotak Guaranteed Savings Plan Eligibility

Kotak Guaranteed Savings Plan comes with the following eligibility conditions - 

Eligibility Criteria For Kotak Guaranteed Savings Plan
Minimum Age at Entry3 years
Maximum Age at Entry60 years
Minimum Age at Maturity18 years
Maximum Age at Maturity75 years
Policy Term 14 years / 15 years / 16 years / 20 years
Premium Payment Term (PPT)

Policy Term

PPT

14 years

7 years

16 years

8 years

15 years/20 years

10 years

Premium Payment FrequencyYearly, Half yearly, Quarterly, Monthly
Minimum Annualised Premium Amount INR 20,000
Maximum Annual  Premium AmountNo Limit, subject to underwriting
Minimum Basic Sum AssuredDepends on the premium amount, entry age, policy term, and PPT
Premium Modal Factor

Yearly

100%

Half- yearly

51%

Quarterly

26%

Monthly 

8.8%

Kotak Guaranteed Savings Plan Review

Kotak Guaranteed Savings Plan is a savings sum life insurance plan which helps you plan for your financial goals in a secured manner. The plan helps you enhance your savings corpus by way of yearly guaranteed additions of up 35% and a loyalty addition which can go up to 180% of your annualised premium.

The plan offers you substantial  liquidity policy  by allowing you to avail a loan of up to  50% of the surrender value. One of the noteworthy features of the plan is the availability of as many as 5 rider options which help you keep your family secured in the event of accidents or critical illnesses. Kotak Guaranteed Savings Plan is a suitable plan for individuals looking for a high return giving savings plan available with limited and short premium payment terms.

Kotak Guaranteed Savings Plan FAQs

  • 1. Does the plan come with a free-look period?

    Yes, the policy provides a free-look period of 15 days (30 days if policy is bought online) from the date of its receipt, during which you can return the plan if you are not happy with its terms and conditions. The premium paid by you is refunded after deduction of stamp duty charges and medical expenses. 

  • 2. How much guaranteed additions are made to the policy?

    The rate of guaranteed additions depends upon the premium payment term and policy term of the policy. The additions are made in the following manner - 

    Premium Payment Term and Policy Term

    Guaranteed Additions (% of Annualised Premium)

    7 pay / 14 years Policy Term

    25%

    8 pay / 16 years Policy Term

    30%

    10 pay / 15 years Policy Term

    32%

    10 pay / 20 years Policy Term

    35%

  • 3. What is the value of the guaranteed loyalty addition made at the time of policy maturity?

    The guaranteed loyalty addition depends upon the annualised premium band along with the premium payment term and policy term options chosen. The calculation of the addition is explained in the below table - 

    Annualised Premium Band

    Guaranteed Loyalty Addition Rate (as % Annualised Premium)

    7 / 14 years

    8 / 16 years

    10 / 15 years

    10 / 20 years

    Less than INR 50,000

    100%

    110%

    115%

    120%

    INR 50,000 - Less than INR 1 Lakh 

    135%

    148%

    155%

    162%

    INR 1 Lakh and more

    150%

    165%

    172%

    180%

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